Did you bother to read the detailed background to the deal? Documented that no one would even ante up $32 after they had done due diligence (not sure what they found that turned them off) and the only way they could get a deal done was if Spectrum and Mgmt. anted up and rolled over their shares. If they hadn't done the deal they might not have gotten $30. Not like they are stealing something others were frothing to take out at a higher price.